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The NBA has made a strategic investment in nVenue, a cutting-edge predictive analytics firm. This financial move, executed by NBA Equity, the League’s capital investment division, is set to revolutionize sports betting by leveraging nVenue’s advanced AI capabilities. Scott Kaufman-Ross, the NBA’s Head of Gaming and New Business Ventures, will join nVenue’s board as an observer.
nVenue, known for its innovative Sports Machine Learning and AI Algorithms, specializes in processing various games and sports data. The company’s team, comprising machine learning engineers, product specialists, and brand strategists, gained significant recognition after completing the NBA’s Launchpad program in early 2023. This program was a critical factor in the NBA identifying nVenue as a promising investment opportunity. The company is also preparing to launch a series of new basketball micro-betting markets, all of which will be available for licensing to sports betting operators.
During the Launchpad program, nVenue collaborated closely with the NBA to create novel betting options now available to players. They developed an accelerator for the League, in use for the past two years. Notably, nVenue experimented with innovative bets, including a ‘race to 15 points’ starting from a 0-0 score and an ‘individual player race to seven points.’ These tests occurred during the international NBA League Pass coverage of the Finals in June 2023.
nVenue CEO Kelly Pracht shared insights into a discreet international pilot program launched in the summer, which attracted 70,000 active sessions. According to Pracht, each participant placed an average of four 15-point race bets per game, leading to a 45-60% increase in total viewing time compared to non-betting viewers. This collaboration with the NBA marks a significant milestone for nVenue, adding to its portfolio of partnerships with companies like Apple TV+ and NASCAR.
Kaufman-Ross expressed enthusiasm about the partnership, noting the unique nature of micro-betting in enhancing fan engagement during live games. He stated, “Micro-betting presents an opportunity to drive incremental fan engagement within the live game. As a fast-paced sport with constant action, the NBA requires a unique approach to providing opportunities that are both contextual and personalized to how our fans are consuming the game. We are excited to roll up our sleeves with a company like nVenue, with its innovative tech and a great team, to explore this opportunity.”